* Copper trading range for the day is 438.5-451.3.
* Copper settled down as the market awaited news from the US-China trade talks.
* PPC expects a global shortage in copper to be less acute next year as top consumer China's output increases and its demand growth softens
* Copper miners pay TC/RCs to smelters to process ore into refined metal. Lower charges indicate a tighter copper concentrate market or ample smelting capacity.
* Warehouse stock for Copper at LME was at 287150mt that is down by -3650mt.
* SELL COPPER SEP 2019 @ 449.00 SL 452.00 TGT 446.00-444.00.MCX
* Zinc trading range for the day is 181.2-186.2.
* Zinc dropped as deliveries to LME-approved warehouses lifted LME zinc inventories for two consecutive days.
* Pressure also seen on concerns about global economic growth and the robust greenback after the Fed gave an uncertain outlook on future easing.
* The global zinc market swung into a 4,200 tonne deficit in July from a revised surplus of 13,800 tonnes in June, data from the ILZSG showed.
* Warehouse stock for Zinc at LME was at 62925mt that is down by -1100mt.
* BUY ZINC SEP 2019 @ 183.50 SL 182.50 TGT 185.00-186.50.MCX
* Nickel trading range for the day is 1225-1299.6.
* Nickel prices gained after top metals consumer China further cut benchmark lending rates.
* The global nickel market deficit widened to 6,700 tonnes in July from a revised shortfall of 2,700 tonnes in the previous month.
* The premium of LME cash nickel over the three-month contract stood at $150 a tonne, near the recent decade high of $163, indicating near-term tightness.
* Warehouse stock for Nickel at LME was at 154566mt that is down by -3204mt.
* BUY NICKEL SEP 2019 @ 1240.00 SL 1225.00 TGT 1255.00-1270.00.MCX
* Aluminium trading range for the day is 138.2-139.4.
* Aluminium dropped as resumption of primary aluminium smelters grew worries about nearby higher supply
* China’s output of alumina fell in August to the lowest monthly level since November 2018, losing 2.9% from July to 6.04 million mt
* Production of primary aluminium dipped 0.4% month on month and 0.3% year on year to 2.97 million mt in August, showed NBS data
* Warehouse stock for Aluminium at LME was at 897900mt that is down by -2825mt.
* BUY ALUMINIUM SEP 2019 @ 138.00 SL 137.00 TGT 139.50-141.00.MCX
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer